Power Plays New Idea: XBI
January 11, 2023
By Scott Redler
Name: SPDR S&P Biotech ETF
Needs to Hold: $81 to $82
Price Objective 1: $87 to $89
Price Objective 2: N/A
The market is still in a perky mode. I think biotech is the way to play it near-term, especially with the JP Morgan healthcare conference bringing more attention to the sector.
XBI could hit the $87 to $89 range if the market keeps pushing upward.
On the downside, if XBI broke into the $81 to $82 area, I'd look to switch gears.
Just keep in mind the important CPI report is tomorrow which has the potential to shake up the market.
Stay tuned for more updates.
Scott Redler Positions Disclosure as of 2023-01-11 at 11.44.26 AM